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Who Chooses Whom? Syndication, Skills and Reputation
Tykvová, Tereza - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2005
Syndication, which is a joint realization of one project/one investment by several capital providers, is a long existing phenomenon that plays a central role in many financial market segments. Within this paper we develop a theoretical model focusing on the dynamic aspect of syndication, namely...
Persistent link: https://www.econbiz.de/10005098025
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Institutionelle Investoren und Corporate Governance: Eine empirische Analyse
Steiger, Max - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 1998
Eine der herausragenden Entwicklungen auf den internationalen Finanzmarkten in den letzten Jahren ist die Institutionalisierung, d. h. die zunehmende Delegation privater Ersparnisse an professionelle Kapitalanleger - den institutionellen Investoren. Darunter sind private...
Persistent link: https://www.econbiz.de/10008614872
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How does owners' exposure to idiosyncratic risk influence the capital structure of private companies?
Müller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2007
This paper identifies the entrepreneur's exposure to idiosyncratic risk as an important determinant of the demand for … United States. The exposure to idiosyncratic risk is approximated by the share of personal net worth invested in one company … (SNWI). Exposure to idiosyncratic risk increases the cost of equity capital, since higher equity returns are required as …
Persistent link: https://www.econbiz.de/10008533678
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How Does Owners' Exposure to Idiosyncratic Risk Influence the Capital Structure of Private Companies?
Müller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2006
This paper identifies the entrepreneur's exposure to idiosyncratic risk as an important determinant of the demand for … United States. The exposure to idiosyncratic risk is approximated by the share of personal net worth invested in one company … (SNWI). Exposure to idiosyncratic risk increases the cost of equity capital, since higher equity returns are required as …
Persistent link: https://www.econbiz.de/10005098090
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The Impact of Personal and Corporate Taxation on Capital Structure Choices
Voeller, Dennis; Overesch, Michael - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2008
This paper empirically analyses whether both personal and corporate taxation have an impact on companies' capital structure decisions. We investigate the effect of the difference in taxation of debt and equity financing on capital structures. Our empirical results, based on a comprehensive panel...
Persistent link: https://www.econbiz.de/10005098264
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How Does Owners' Exposure to Idiosyncratic Risk Influence the Capital Structure of Private Companies?
Müller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2005
This paper identifies the entrepreneur's exposure to idiosyncratic risk as an important determinant of the capital … structure of private companies. The exposure to idiosyncratic risk is approximated by the share of personal net worth invested … in one company (SNWI). Exposure to idiosyncratic risk increases cost of equity capital since higher equity returns are …
Persistent link: https://www.econbiz.de/10005098422
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How creative are you? An experimental study on self-selection in a competitive incentive scheme for creative performance
Bradler, Christiane - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2015
tournament-based scheme vs. a fixed pay scheme. The experiment allows for the measurement of creative productivity, risk … productivity, but only according to their risk attitudes and self-assessments. The reason for the absence of a selection of the …
Persistent link: https://www.econbiz.de/10011213916
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Knowing that you matter, matters! The interplay of meaning, monetary incentives, and worker recognition
Kosfeld, Michael; Neckermann, Susanne; Yang, Xiaolan - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014
We manipulate workers' perceived meaning of a job in a field experiment. Half of the workers are informed that their job is important, the other half are told that their job is of no relevance. Results show that workers exert more effort when meaning is high, corroborating previous findings on...
Persistent link: https://www.econbiz.de/10011071767
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Awards at work
Neckermann, Susanne; Cueni, Reto; Frey, Bruno S. - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012
Social incentives like employee awards are widespread in the corporate sector and may be important instruments for solving agency problems. To date, we have little understanding of their effect on behavior. Unique panel data from the call center of a Fortune 500 financial services provider allow...
Persistent link: https://www.econbiz.de/10010957755
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Who should pay for certification?
Stahl, Konrad; Strausz, Roland - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011
Who does, and who should initiate costly certification by a third party under asymmetric quality information, the buyer or the seller? Our answer - the seller - follows from a nontrivial analysis revealing a clear intuition. Buyer-induced certification acts as an inspection device,...
Persistent link: https://www.econbiz.de/10009283658